Time Limits

Question 1

Books & Records have to be kept

Answer 1

5 years

Question 2

Once a request for a hearing is made, the hearing must be held within

Answer 2

30 days

Question 3

Notice of a hearing must be given ______ days in advance

Answer 3

14 days

Question 4

Violating the Insurance Doce

Answer 4

$1000 fine for natural person & $5000 for any other entity &/or 6 month imprisonment

Question 5

Administrative penalty for transacting insurance in Idaho without a license

Answer 5

$15,000

Question 6

Change of Address

Answer 6

30 days

Question 7

notice of appointment

Answer 7

15 days

Question 8

Eligibility Verification of appointment

Answer 8

30 days

Question 9

Notify Director of appointment termination

Answer 9

30 days

Question 10

Copy of termination action notification must be provided to the producer

Answer 10

15 days

Question 11

After license lapses to reinstate it by submitting proof of education requirements and paying penalty

Answer 11

90 days

Question 12

Application for license must be submitted

Answer 12

180 days

Question 13

When switching licensing states, application must be received within _____ days of the cancellation of the individual’s previous license

Answer 13

90 days

Question 14

if previously denied a license, Director will not issue a license for ____

Answer 14

1 year

Question 15

If a producer’s license has been revoked or nonrenewed a new license may be denied for

Answer 15

1-5 years

Question 16

Time allowed for reinstatement with proof of Continuing Education credits

Answer 16

90 days & penalty fees

Question 17

Director can suspend license without hearing for up to

Answer 17

12 months

Question 18

Funds must be remitted to insurer within

Answer 18

21 days

Question 19

Funds payable to policyowner ust be remitted within

Answer 19

14 days

Question 20

Fire Losses of $_______must be reported to the state fire marshal within _____ days of settlement

Answer 20

$1000 or more
7 days

Question 21

Motor vehicle claims must be paid ____ days after itemized bill is received

Answer 21

20 days

Question 22

Guilty of felony punishable with

Answer 22

15 years imprisonment &/or $15000

Question 23

Unfair Claims Settlement Practices…administrative penalty

Answer 23

up to $10000 & Director may suspend or revoke Certificate of authority

Question 24

Consumer must be advised of investigative consumer report within

Answer 24

30 days

Question 25

Agency has ______ days to provide further information about an investigative report to consumer if requested

Answer 25

5 days

Question 26

Term of Director of Insurance

Answer 26

4 years

Question 27

Examine domestic insurers

Answer 27

5 years

Question 28

License renewal period

Answer 28

2 years

Question 28

Age to apply for insurance license

Answer 28

18 years

Question 29

Continuing Education required in ethics

Answer 29

3 hours

Question 30

Continuing Education required every 2 years

Answer 30

24 hours

Question 31

Temporary license period

Answer 31

180 days

Question 32

Maximum imprisonment for violating Insurance Code

Answer 32

6 months

Question 33

To send suspected fraudulent claims to Director

Answer 33

60 days

Question 34

Place large funds collected by a producer in a fiduciary fund account (over $2000)

Answer 34

3 business days

Question 35

Maximum fine for each conviction for violating the Insurance Code or a cease & desist order

Answer 35

$1000

Question 36

Maximum fine for transacting insurance without a license

Answer 36

$15000